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Norwest closes $4B global, multi-stage fund to fuel investments in healthcare, biotech and AI

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Norwest closes $4B global, multi-stage fund to fuel investments in healthcare, biotech and AI

Norwest closed a $4 billion global, multi-stage fund to continue backing technology, healthcare and consumer companies across the U.S., India and Israel.

The fund, Norwest 18, the largest in the firm's 65-year history, brings the total capital under management to $18 billion, the investment firm announced Thursday. Norwest is targeting investment opportunities in healthcare, biotech, medtech and healthcare AI.

Recent investments in healthcare and biotech AI companies include patient experience platform Courier Health and Infinx. In October, the investment firm co-led Matchpoint Therapeutics' $150 million series B round, and it backed a $31 million round for Vitalize Care, an AI-powered operating system for hospital staffing and scheduling.

Since 1961, Norwest has invested in more than 750 companies and currently partners with more than 275 companies across its venture and growth equity portfolio, the company said. The firm invests in early- to late-stage businesses across key sectors with a focus on technology, healthcare and consumer.

Since the launch of Norwest 17 in April 2024, the firm has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events. These include initial public offerings from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health and Swiggy, among others. Notable strategic acquisitions include Avetta by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest and Veza by ServiceNow.

"Building and scaling a company has never been a linear journey, and today that journey is becoming more complex," said Jeff Crowe, senior managing partner at Norwest, in a statement.


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